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N ( Page 12 The Clarington/Courtice Independent, Bowmanvillc, Friday, July 23,1999 Realtor Best Source for Tips to Sell Your Home Tea Time A little construction on Wellington Street is not keeping people away from the Victorian Tea at the Bowmanvillc Museum. Angie Woodbeck and her daughters Marley and Leaha (right) were among the many visitors to the Bowmanvillc Museum on Wednesday to enjoy tea and scones. The museum is holding the tea every Wednesday afternoon from now until the end of August. Also pictured is museum volunteer Andrea Mcszaros. Cut Years Off Mortgage This article is provided by local Realtors and the Ontario Real Estate Association for the benefit of consumers in the real estate market. Few people can buy a home for cash. Most of us have a difficult enough time saving the money needed for a down payment. payment. To realize the dream of home ownership, we usually usually have to combine combine our savings with money borrowed borrowed through a financial arrangement arrangement called a mortgage. mortgage. Paying off a mortgage is usually , a long-term com- ; mitment over many ■ years. Most home- ! owners would like ; to be mortgage- • free sooner. Even if ! you lock into a . long-term mortgage mortgage with an affordable interest ; rate, many lenders - today offer the ! flexibility to pay ; down the principal and interest faster than scheduled. To ensure you have the flexibility to cut years off ; your mortgage, you need to look at the options and understand them before you buy. When house hunting, ask your Realtor to help you calculate how much mortgage you can afford. Your Realtor will also be able to explain the many financial options available. Before buying, shop around and coin: pare what different lenders (banks, trust companies and other financial institutions) have to offer. You'll want to compare not only interest rates, but the different different types of payment payment and prepayment prepayment options offered. The typical mortgage Typically, mortgages mortgages arc amortized amortized over 25 years. This is the length of time it will take you to pay the principal, principal, or amount borrowed, plus interest, off in full. Lenders provide money at a variable or set interest rale for a specific period period or term, ranging anywhere from six months to 10 years. Most common is the conventional mortgage, where a lender will loan up to 75 per cent of the appraised value of the home or the purchase price, which ever is lower. The remaining remaining 25 per cent is what the buyer contributes as a down payment. Some lenders offer high-ratio mortgages mortgages which require only 10 per cent down if a buyer qualifies. Government- assisted mortgages enable eligible buyers to borrow up to 95 per cent of the value of a home. Despite prepayment prepayment privileges in many cases, most mortgages arc "closed". This means they can't be paid off in full without penalty until they mature at the end of their term. "Open" mortgages mortgages can be paid off at any time without penalty, but they usually bear a higher interest interest rate. Still, there arc ways of paying that mortgage off faster, without paying a high price. Get the best interest rate Interest rates can make a huge difference on payments. payments. Study the market. If rates are falling, take out a short term and lock into a longer term when the rates have fallen even more. If rates are rising, lock in for a longer term. If the rales keep fluctuating, fluctuating, take advantage of options offered by lenders such as short-term convertible convertible mortgages, where you can lock into a fixed rate at any time; or variable variable rate mortgages, mortgages, where rates change along with market fluctuations. fluctuations. The key is to keep your payments payments as low as possible, so that you can take advantage of other options such as double-up payments payments and annual lump sum payments. payments. Shorten the amortization period The average amortization period period is 25 years, but you can arrange for a shorter period. The shorter the period, the larger your payments, but the more you save on interest and the long-term cost of your loan. This is a great idea when interest rates arc low and you can afford larger monthly payments. Accelerate your payments Some lenders offer weekly and bi-weekly, as well as monthly, mortgage mortgage payment House for Sale 20 Burk Court, Bowmanville 3 bedrooms + 1, attached garage, outside shed, new roof. Call 623-2348 after 6:00 p.m. ROYAL LEPAGE ■■■llllllllllllllllllllll FRANK REAL ESTATE Broker Independently Owned and Operated 234 King Street East, Bowmanville Telephone 623-3393 Toronto Lino 686-1035 ESTATE SALE BOWMANVILLE Goigoous .02 aero lot, (routing on Highway It?.. 3 bedrooms, coparnlo dining room and living room, largo kllclion, -1 pc, and 2 pc. bnllis. lull basomont, slnglo car garngo. Junl Haled $149,000. Call Charlie Bold* 623-3393 or 903-5914 FABULOUS CENTURY HOME, NEWTON VILLE- $136,900.' Just llstod. 3 bedroom country kllclion, separate dining room and living room. Now lurnaco, conlral air and windows. Super lois. Shows torrillc. Call Charlie Reid* G23-3393 or 983-5914 6500 SQ. FT. STEEL BUILDING 1.97 ACRES Excellent location east ol Bowmanville, would make a great flea market or for storage. $159,900. Call Charlie Reid* 623-3393 or 983-5914 options. These can save you money by reducing the amount of interest paid out over the life of a mortgage. This is because you end up making more payments a year than on a monthly schedule. These work best when payment dates are matched to your pay-days. But they can be a headache to keep track of and you may be charged a handling fee by the lender. Double-up payments Some lenders allow you to make additional payments payments against your mortgage balance (up to the equivalent equivalent of a full monthly payment) occasionally, or even every payment payment date. The extra payment is directly applied to your mortgage principal to reduce the total balance. Making the equivalent equivalent of just two additional monthly payments a year can cut years off your mortgage. Lump sum payments payments Some lenders allow you to prepay prepay a one-time lump sum each calendar calendar year. This lump sum, along with other annual pre-payment privileges, privileges, generally docs not exceed 10 to 20 per cent of the original principal principal amount of the mortgage. Once again, the money goes directly to reducing your principal. principal. However, when the term of your mortgage is up, most lenders will allow you to make any size repayment tit no extra charge. Annual payment increase If you feel you can afford slightly higher payments, many lenders today allow you to boost your regular mortgage mortgage payments once each year throughout the term of your mortgage mortgage and to apply that increase directly to reduce your principal. By increasing your payments by as little little as $15 or $20 a month, you can also cut years off your mortgage. Re-finunce your mortgage If you have a fixed, closed, longterm longterm mortgage and rates have fallen more than two per cent, you may want to re-finance the loan to gel the better better rate. The cost of re-financing can he very high, To discharge discharge your closed mortgage, you will either have to pay three months' interest penally or tut "interest differential" differential" which can cost considerably more. Calculate carefully and seek, expert advice before rc-financ- ing, or you could end up paying more than if you stayed the course on your current rate. This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers consumers in the real estate market. market. Offering advice on how to make your home more marketable, marketable, is one of the many ways a realtor can help you sell your house. A real estate professional professional will be able to quickly assess what features in your home will attract à prospective buyer, and what minor eyesores may drive them away. You may feel that certain things need fixing or doing to attract buyers. .Your Realtor may agree, but may also recommend recommend steps you can take that might not occur to you. Both the inside and outside of your home must leave prospective buyers with a positive feeling. Here are some general measures measures you can take: Avoid major repairs or decorating Unless absolutely necessary, don't go overboard with your time, effort and money. Major decorating before selling is both unnecessary and undesirable undesirable since buyers often prefer to select their own paints and colours. But if the paint, both inside and out, is dull, peeling or dirty, you may want to paint key areas in light, neutral colours. Major repairs, such as replacing an old roof - unless it's already leaking - arc unnecessary. unnecessary. Most prospective buyers will take these faults into account when submitting an offer, however, and you may have to adjust your price. Clean and uncluttcr Rooms, closets, cupboards and hallways will appear larger and more inviting if you remove unnecessary items and tidy up everything else. Remove anything bulky and unused from your basement, garage and tool shed. As you uncluttcr, clean everything, inside and out. Prospective buyers buyers will be looking in closets, under the sink and throughout your basement. Make minor repairs Once you've got a house that's clean and cluttcr-frce, take a look around and sec if there's anything that might detract a buyer. A leaky faucet, holes in a screen, stuck or broken broken windows, doors that squeak, lights that don't work, missing door handles, cracks on the wall or ceiling arc all minor things that can be easily fixed. Chipped floor tiles or a badly cracked driveway, however, may require more time and money than you can afford. You may find it easier to adjust your selling price to reflect the cost of these repairs, rather than doing them yourself. Your Realtor will be able to advise you. Depersonalize your home Your house reflects who you arc. But a wall of trophies, room Ml of family portraits or that elephant table lamp your grandmother left you along with the bright red area rug, may do nothing to attract a buyer. Anything that a buyer may find difficult to imagine in their own home will distract them. If you have brightly- coloured walls or patterned wallpaper, consider repainting or wallpapering in neutral colours. Some redecorating pays, If your carpet or floor covering covering is in really bad shape, consider consider replacing it. While you may not recover the cost, you will certainly sell the home faster. This is an especially good idea if there are hardwood floors underneath which can be sanded and polished. Wood floors may be the feature that makes a buyer pick your home over another. If your home has worn broadloom only, consider replacing it in a neutral shade. The same holds true for old or torn draperies and other window window coverings. Simple, inexpensive inexpensive window treatments can work wonders. Adding a valance or fabric swag that complements the room's decor can be inexpensive and very appealing. It will also open up a small room and make it appear larger and brighter. ™ I 5 Months...FREE 12é King St. East, Bowmanville Sultot rn S55S. call 697-1700 5» NO Principal. NO Kidding! Your Neighbourhood Specialists Mortgage Bob Craig Sales Rep. BUILDER'S HOME ON 12 ACRES • 3 bedrooms up, 3 bedrooms down» Workshop • In-law apartment • 2 fireplaces» Large pond • Great location Call Bob Craig for details (90S) 697-1700. FABULOUS RAISED BUNGALOW Finished top to bottom, eat-in kitchen with walkout to 2 tier deck, family room with fireplace, garage can be accessed from home $192,900. Jill Hills ■ Associate Broker - Sutton Dynamic 697-1700 Jill Hills Assoc. Broker SPACIOUS 3 BEDROOM SEMI, CLOSE TO SCHOOLS, Betty Smith "H ijffiti PARKS & 401 Sales Rep. $121,900. =ll et l S ,ï' Three large bedrooms, 1 1/2 baths, oversized sunon Dynamic- kitchen with walkout to big deck and private lot with /oncfccniTnnn malure trees - Upgraded carpets and hardwood, (905) 697-1700 or centra | a j ri g as h ea t anc ( finished rec room. 1-888-226-2230. Caf f Betty Smith (90S) 697-1700. GREAT PROPERTY FOR FIRST TIME BUYER $99,000 This 2 storey property has 2 bedrooms, good sized kitchen with walkout to large deck, large living room, backing onto park. For more information or to view please call Aline Guyon 888- 223-2230 or 905-983-9102 TIRED OF RENTING? PURCHASE FOR $16,000. 2 bedroom mobile, good sized lot. To view or info call Aline Guyon 888-226-2230 or 905-983-9102. Aline Guyon Sales Rep, RF/M cornerstone realty ltd., realtor @ 104 King St E, Bowmanville 623-6000 Every Minute of Every Day... FREE REAL ESTATE INFORMATION FROM REMAX 1-800-288-8897 Then enter the extension number Call Linda McLennan** Associate Broker 623-6000 COUNTRY BUNGALOW URGENTLY NEEDED!!! / , , \ ■■ ■.... - CLIENT HAS SOLD and needs a bungalow with 1 to 10 acres, west of Highway 57 and not more than 15 minutes north of 7A. If you have a home that meets this requirement, please give Linda McLennan** a call at (905) 623-6000. COUNTRY LIVING IN TOWN N. BOWMANVILLE Tony Klompmaker** Assoclato Broker Remax Cornerstone Realty 623-6000 or Res. 263-4448 1950 sq. ft. custom built home. Large kitchen, 2 baths and lots of glass overlooking 85' x 209' manicured lot. Asking $219,900. Call Tony Klompmaker** fi93-fi0nn or 263-4448 Marg Bain* Sales Rep. Call for details at (905) 623-6000 ON A 55 X 150 FT. LANDSCAPED LOT In one of Bowmanville's best residential areas is this 2 + 1 bedroom bungalow with a 26 x 9.84 ft. rec room with gas burning fireplace and a 20 x 20 ft. insulated garage. Asking $139,900. Call Marg Bain* for many more details. (905) 623-6000. Ron Moore TIMELESS VALUES PRICE REDUCED This turn ol the century fully bricked home sits on a large 66 x 165' fully fully landscaped lot. Detached garage with a huge workshop. The Sales Rep. | 10mQ [ oa | Ures f u ||y renovated 5 pc. bathroom, central air, hardwood floors throughout. Large living room, separate dining room, large den and country kitchen. Finished basement with walkout. Close to schools and shopping - walk to downtown and enjoy summer concerts In the park. To view call Ron Moore* 623-6000 Nowl Paul De Jager* Sales Rep. 623-6000 or Toronto Line 428-1206 IN THE HEART OF BOWMANVILLE Greet Starter or Retirement Home Very bright and open brick bungalow minutes walk from downtown. Just around tho corner from Library, schools and shopping. Private back yard, lots ol mature trees, Family room and BUNGALOW IN DESIRABLE AREA Large living room and dining room, oat-in kitchen with skylight. Walkout to doop lonced yard with pond. Finished family room with gas llroplaco. Attached garago with accoss to house, Newer broadloom. Asking $148,000. much more. Asking $129,900. Ca || p au | QeJager* (905) 623-6000, KENDAL BEAUTY SITUATED ON ALMOST AN ACRE 3 bedroom raised bungalow, huge eat-ln kitchen with walkout, main floor laundry. Master ensuite and walkout to deck, games room, family room, den, hardwood floors, 2 car garago workshop. A must to soolll Asking $199,000. Doug Humphrey** Member ol Hall ol Fnmo Call 623-6000 15 Alonna St., Bowmanville BRIGHT A BEAUTIFUL Groat family homo with 3 + 1 bodrooms, Includes now windows windows and hardwood Hoots. Super upgraded kitchen with walkout to dock, largo wall landscaped foncod yard, Asking $149,900, BOWMANVILLE DETACHED-$116,900. with some llowors and some Imagination It could bo woillt n loi moto. Laigo clean looms Insldo with llroplaco In Iho living room. Polonllnl In-law npnit- mont downslolis, Willi somls In tho 120's - this Is a bargnini RAVINE LOT Approx. 2400 sq. It. backing backing onto Sopor Crook, Lois ol room for n growing family family - 4 baths plus (Inlshod lowor lovol with wnlkoul lo dock and loncod yard. Asking $215,000. NEWCASTLE 4 BEDROOMS Groat family home - Includes conlral air, central vac, gas llroplaco, 2050 sq, It. uhia finished basement, Asking $192,900. Call Doug Humghro^623^00^r428-I20^ron^